How do I get the bold, underline, italics editing option for Notes on iPhone 5 iOS 7.0.4? Option is not appearing when I select text.

Thank you so much! This worked very well for me!

These "answers" are completely false, at least by the time I am writing this, post iOS 10. Italics, bold, etc. options are readily available in the Notes app and always have been, as far as I'm aware. Where they have disappeared from is in the text Message app. You used to be able to double-tap the highlighted word or phrase and see these options. Now, like so many other useful options that used to be user controllable, this has vanished and Apple seems to be unconcerned in the slightest about user's requests and complaints to return features that made Apple products preferred over less "user friendly" products and systems. And they wonder what is affecting their recent loss of market share?!? Steve Jobs, we hardly knew ye!