Though cellulose insulation can be "wet blown" into wall cavities, moisture and condensation should not be a concern, as long as your home's waterproofing details have been performed correctly.
That said, it is very necessary to allow the moist cellulose to dry out for couple of days prior to drywalling.
- The borate is added as a low toxic alternative to other more chemically laden fire retardants.
- A variety of fire retardants are used with cellulose, because of the high paper/flammable content.
It's a good idea to check the MSDS (Material Safety Data Sheet) to see exactly which chemicals are used in your proposed brand of cellulose.
The borate version is the way to go, especially since it doubles as an insect preventative.
Best of luck,
For more information:
Read "Doesn't sprayed cellulose insulation tend to settle, leaving areas in the wall where there is no insulation?" a Q&A answered by Lily Livingston.